Bitcoin A Ponzi Scheme.......fixed for you......... V

[Ponce]

"If you don't hold it RA RA RA"......go to link for many pretty paper drafts and so on.
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SEC Confirms That Bitcoin Savings & Trust Was A Ponzi Scheme; Files Lawsuit.

from the seven-percent-per-week-interest-is-a-bit-unbelievable dept
A little less than a year ago, an operation called the Bitcoin Savings & Trust (an updated name from what had been the "First Pirate Savings & Trust") shut down suddenly, right after there was growing evidence that it was a pyramid scheme -- or, as some called it, the Bernie Madoff of Bitcoin. The "deal" promised an insane 7% interest weekly. If you know even the slightest thing about compound interest (or can use a calculator for a few rounds), you'd recognize that's insane and obviously unsustainable in any real world situation.

The guy behind it, who went by the name pirateat40, insisted it was no such scheme, and that people would get their money back. In fact, he claimed "once my process is released you'll understand more of how coins move around." Well, a month later the SEC officially began investigating, and along with a big lawsuit against Trendon Shavers (aka pirateat40), the SEC has now "released" his process, and it sure does look quite a lot like a Ponzi scheme.

http://www.techdirt.com/articles/20130723/16121723913/sec-confirms-that-bitcoin-savings-trust-was-ponzi-scheme-files-lawsuit.shtml

[Ares]

"If you don't hold it RA RA RA"......go to link for many pretty paper drafts and so on.
=================================================

SEC Confirms That Bitcoin Savings & Trust Was A Ponzi Scheme; Files Lawsuit.

from the seven-percent-per-week-interest-is-a-bit-unbelievable dept
A little less than a year ago, an operation called the Bitcoin Savings & Trust (an updated name from what had been the "First Pirate Savings & Trust") shut down suddenly, right after there was growing evidence that it was a pyramid scheme -- or, as some called it, the Bernie Madoff of Bitcoin. The "deal" promised an insane 7% interest weekly. If you know even the slightest thing about compound interest (or can use a calculator for a few rounds), you'd recognize that's insane and obviously unsustainable in any real world situation.

The guy behind it, who went by the name pirateat40, insisted it was no such scheme, and that people would get their money back. In fact, he claimed "once my process is released you'll understand more of how coins move around." Well, a month later the SEC officially began investigating, and along with a big lawsuit against Trendon Shavers (aka pirateat40), the SEC has now "released" his process, and it sure does look quite a lot like a Ponzi scheme.

http://www.techdirt.com/articles/20130723/16121723913/sec-confirms-that-bitcoin-savings-trust-was-ponzi-scheme-files-lawsuit.shtml

Yet they leave the Social Slavery system untouched. Tells me all I need to know about this enforcement action. All farm animals are equal. Some more equal than others.

I'm all for disbanding ponzi schemes, including state sponsored ponzi schemes.

[singular_me]

within a masonic pyramidal system, everything is a ponzi scheme

and unless they are arrested/jailed/etc, the next gold/silver ponzi will also go bust.

[madfranks]

The guy could have done the same thing with gold, silver, or any other commodity. He simply capitalized on people's ignorance of bitcoin and it's sudden growth on the mainstream currency markets. This ponzi scheme is not evidence of a problem with bitcoin, but a problem with a man promising unreal returns by trusting him, personally.

[Ponce]

Either way........I hold it, I OWN IT.........feels good.....and secured.

V

[Son-of-Liberty]

This sort of scam is unrelated to Bitcoin except that Bitcoin was used to do it. Could have been interest on a real estate deal or something. Scams like this happen all the time in USD.

[Twisted Titan]

Shavers........